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QUESTION
(TCO 1, 6, 11) Hubert purchases Fran's jewelry store for $975,000. The identifiable assets of the business are as follows:
(TCO 1, 6, 11) Hubert purchases Fran's jewelry store for $975,000. The identifiable assets of the business are as follows:BasisFMVInventory$125,000$150,000Accounts receivable55,00050,000Building200,000275,000Land280,000300,000Hubert and Fran agree to assign $125,000 to a five-year covenant not to compete. How should Hubert allocate the $975,000 purchase price to the assets?
